CorMedix, Inc. (AMEX:CRMD) announced a private placement of 150,000 series C-2 non-voting convertible preferred stock at $10 per share with an existing institutional investor, for gross proceeds of $1,500,000 on October 17, 2013. The convertible preferred stock will be convertible into 10 shares of common stock at $1 per share. The company will also issue a warrant to purchase 750,000 shares of common stock. The warrant is exercisable one year after issuance and has an exercise price of $1.25 per share and a term of five years. However, the holder will be prohibited from exercising the warrant if, as a result of such exercise, the holder would own more than 4.99% or 9.99% of the total number of shares of our common stock then issued and outstanding. Alexander M. Donaldson from Wyrick Robbins Yates & Ponton LLP served as the legal advisor to the company. No placement agent or underwriter will be involved in the transaction. The closing of the transaction will take place on or about October 22, 2013.

On January 7, 2014, the company announced that it has amended the terms of the transaction. The company will now issue 200,000 series C-3 non-voting convertible preferred stock for gross proceeds of $2,000,000 and 1,000,000 warrants.

On January 8, 2014, CorMedix, Inc. closed the transaction.